Yellen is Obama choice to succeed Bernanke at Fed

WASHINGTON (AP) - President Barack Obama is nominating Federal Reserve Vice Chair Janet Yellen to succeed Ben Bernanke as chairman of the nation's powerful central bank, capping a lengthy and politically charged search at a pivotal time for the economy and the Fed's monetary policies.

If confirmed by the Senate, Yellen would be the first woman to head a major central bank anywhere in the world. She also would be the first Democrat chosen to lead the Fed since President Jimmy Carter nominated Paul Volcker in 1979.

Obama was scheduled to make the announcement Wednesday with Yellen and Bernanke at the White House.

Bernanke is credited with helping pull the U.S. economy out of the worst financial crisis and recession since the 1930s.

He will serve until his term ends Jan. 31.

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